Q3 2024 Subsea 7 SA Earnings Call Transcript
Key Points
- Subsea 7 SA (ACGYF) reported a significant increase in adjusted EBITDA for Q3 2024, reaching $321 million, up 59% from the previous year.
- The company has revised its full-year EBITDA guidance upwards for the second time this year, indicating strong financial performance.
- Subsea 7 SA (ACGYF) has a robust backlog of $11.3 billion, providing good visibility and confidence in future revenue streams.
- The company is committed to returning at least $1 billion to shareholders from 2024 to 2027, demonstrating a strong focus on shareholder returns.
- The renewables segment showed impressive growth, with revenue up 40% year-on-year and adjusted EBITDA doubling compared to the prior year.
- Order intake for Q3 2024 was $0.6 billion, which is lower compared to the exceptional second quarter, indicating potential volatility in new contract awards.
- Net debt increased to $857 million, which includes lease liabilities, potentially impacting financial flexibility.
- The company faces risks and uncertainties in its forward-looking statements, which could affect actual results.
- There is increased competition in the Brazilian market with a new bidder, which could impact Subsea 7 SA (ACGYF)'s market share.
- The offshore wind market in the US is expected to see a downward revision in projections, which could affect future growth opportunities.
Good day and thank you for standing by. Welcome to the Subsea7 Q3 2024 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Katherine Tonks. Please go ahead.
Welcome everyone, and thank you for joining us. With me on the call, today are John Evans, our CEO; Mark Foley, our CFO; and Stuart Fitzgerald, CEO of Seaway7. The results press release is available to download on our website along with the slides that we'll be using during today's call.
And please note that some of the information discussed on the call today will include forward-looking statements that reflect our current views. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in our annual report or in today's quarterly press release.
And now turn the
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